Jordan, Kuwait initial $1.25 bn grant accord

Kuwait signed an agreement on Tuesday by which it will grant Jordan an annual $ 250 million as part of a total $ 1.25 billion aimed at funding development projects. Kuwait Fund for Arab Economic Development (KFAED)’s director Abdulwahab al-Bader and Jordan’s minister of planning Jaafar Hassan signed the agreement, which comprised Kuwait’s portion of a GCC-sanctioned grant totaling five billion dollars to Jordan. KFAED has been funding development projects in Jordan since 1962, the year KFAED was founded, said al-Bader, in a statement to Kuwait News Agency following the signing ceremony today. To be specific, KFAED has funded 25 projects in Jordan from 1962 to 2011, said Hassan, who underlined that Kuwait’s present grant will go toward financing infrastructure projects in the areas of water, energy, and transportation.